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Compliance
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May 02, 2025
More Crypto Easing For Banks Is 'Critical,' Trade Groups Say
A coalition of Wall Street trade groups urged the executive branch to continue removing "barriers" limiting financial institutions from engaging with digital assets in a joint letter calling for uniform risk-management expectations over processes that require firms to clear their crypto activities with banking regulators ahead of time.
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May 02, 2025
TD Bank Must Face Suit Over Name Used To Collect On Debt
Credit card issuer TD Bank NA can't nix a proposed class action alleging it violated West Virginia consumer credit laws prohibiting entities from using different names when collecting debt, after a federal judge said Friday it sought to collect under "Samsung Financing" and "TD Retail Card Services," neither of which is its true name.
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May 02, 2025
FinCEN Wants Banks To Monitor For Cartel Oil Smuggling
The U.S. Treasury's enforcement unit has alerted U.S. financial institutions to watch for Mexican cartels smuggling stolen crude oil across the southwest border and into the U.S., saying fuel theft "has become the most significant non-drug illicit revenue source for the cartels."
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May 02, 2025
Texas City Backs Exxon In Recycling Defamation Suit
The city of Beaumont, Texas, sided with Exxon in its defamation lawsuit against California's attorney general and a coalition of conservation groups, telling a court the company's advanced recycling program provided needed innovation for coastal communities.
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May 02, 2025
Ad Tech Judge Mulls Possible Google Exchange Divestiture
A Virginia federal judge expressed interest Friday in potentially forcing Google to divest a key piece of its advertising placement technology business, while voicing reservations with a U.S. Department of Justice proposal to also force another sale to address the search giant's ad tech monopoly.
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May 02, 2025
Musk Can Pursue Most Claims Against OpenAI, Microsoft
Microsoft, OpenAI and several of their affiliates cannot escape the bulk of Elon Musk's lawsuit accusing the companies of swindling him by transitioning the ChatGPT maker into a for-profit enterprise, a California federal judge ruled.
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May 02, 2025
Money Laundering, Tax Charges Nixed Vs. Crypto Operator
An Indiana federal judge dismissed the U.S. government's cases against a man accused of operating an unlicensed money transmitting business, laundering proceeds through cryptocurrency transactions and failing to file tax returns after finding his business was not subject to registration requirements, as the government had maintained.
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May 02, 2025
Trade War Spurs Companies To Freshen Disclosure Playbooks
Against the backdrop of a protracted trade war that has rattled investors, companies are honing their securities filings and public communications strategies, posing fresh challenges for corporations and their lawyers, who are otherwise accustomed to navigating global disruptions.
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May 02, 2025
Contractors Settle Mass. AG's YMCA Asbestos Claims
The Massachusetts Attorney General's Office said Friday that two contractors will pay $150,000 each to settle claims that their faulty asbestos removal at a YMCA might have exposed schoolchildren, building residents and staff to carcinogenic particles.
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May 02, 2025
FCC Poised To Pull Plug On Thousands Of 'Inactive' Dockets
The Federal Communications Commission's GOP leader said Friday the agency plans to shut down more than 2,000 regulatory dockets that have become outdated and "inactive."
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May 02, 2025
FIFA Seeks Fees After Citation Mistakes In Antitrust Case
FIFA is demanding attorney fees from plaintiffs for misusing artificial intelligence in an antitrust suit against the soccer federation in Puerto Rico, with a formatting error revealing that it is seeking more than $50,000 for work performed by Paul Weiss Rifkind Wharton & Garrison LLP and a local firm, according to court documents.
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May 02, 2025
Groups Seek Order Halting Trump's Restructuring Of Gov't
A California district court must stop federal agencies from moving ahead with President Donald Trump's directive to reorganize and terminate government workers, unions and other groups argued, calling for a temporary restraining order based on alleged harms from the administration's "radical restructuring."
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May 02, 2025
Conn. AG Scuttles Nursing School Suit After $5M Student Deal
The state of Connecticut has formally withdrawn an unfair trade practices lawsuit against defunct nursing school Stone Academy after the facility penned a $5 million deal for students and the state attorney general vowed not to seek additional penalties from the shuttered entity.
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May 02, 2025
DC Circ. Seems Unconvinced That Proxy Firms 'Solicit'
An industry group's bid to revive a U.S. Securities and Exchange Commission rule regulating proxy advisory firms seemed to meet a skeptical D.C. Circuit panel on Friday, as the judges questioned whether those firms "solicit" proxy votes.
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May 02, 2025
Helzberg's Diamond Shops Accused Of Fake Discounts
A ring buyer hit national jewelry chain Helzberg's Diamond Shops LLC with a proposed class action alleging that the company frequently runs sales to the point where the claimed original list prices are no longer the actual regular prices, violating consumer protection statutes.
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May 02, 2025
Live Nation Antitrust Fight Won't Have Split Damages Phase
A Manhattan federal judge declined Friday to break out a possible monetary damages phase in a suit by federal and state authorities accusing Live Nation of quashing competition in live entertainment, saying the move would be unlikely to streamline the complex case.
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May 02, 2025
IRS Updates Rates For Foreign Insurance Company Equations
The Internal Revenue Service on Friday published updated domestic asset/liability and yields percentages for 2024 that foreign life insurance companies and foreign property and liability insurance companies need to compute their minimum effectively connected net investment income.
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May 02, 2025
Community Groups Accept Pause In CTA Litigation
A group of community associations has told the Fourth Circuit they aren't opposed to a government motion to pause litigation over the Corporate Transparency Act, even as they maintained the information disclosure law aimed at small businesses still carries constitutional flaws.
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May 01, 2025
FTC, Nevada Accuse Trading Training Biz Of $1.2B Scam
The Federal Trade Commission and Nevada on Thursday filed suit in federal court against an investment training company they alleged scammed more than $1.2 billion out of consumers, mostly young adults, by selling trading courses taught by "bogus" instructors and encouraging consumers to participate in a multi-level marketing scheme.
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May 01, 2025
Judge Won't Ax Anti-DEI Injunction For Plaintiffs' Tweaks
A Maryland federal judge Thursday declined to upend his preliminary injunction barring the Trump administration from implementing the bulk of the president's executive orders aiming to slash diversity, equity and inclusion programs in the public and private sectors.
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May 01, 2025
Ex-Credit Union Regulator Says Suing Trump 'Had To Be Done'
One of two Democrats suing President Donald Trump for unlawful termination from the National Credit Union Administration warned Thursday of damaging potential ripple effects if their firings are allowed to stand, casting their decision to litigate as daunting but necessary.
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May 01, 2025
Planned Parenthood Slams HHS 'Attacks' On Teen Program
Planned Parenthood on Thursday pressed a D.C. federal court to block the U.S. Department of Health and Human Services' "attacks" on a long-running, successful public health initiative aimed at preventing teen pregnancy, claiming that HHS has implemented new, "deeply inconsistent" requirements threatening the program's funding.
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May 01, 2025
Aetna And Humana Accused Of Medicare Kickbacks And Bias
The federal government brought a bombshell False Claims Act suit Thursday against Aetna, Elevance and Humana, claiming the insurers paid hundreds of millions of dollars in illegal kickbacks to brokers in exchange for enrollments into their Medicare Advantage plans, with Humana and Aetna also accused of discriminating against disabled beneficiaries.
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May 01, 2025
2 Firms To Co-Lead Block Investor Suit Over Cash App
Cohen Milstein Sellers & Toll PLLC and Lieff Cabraser Heimann & Bernstein LLP will represent a proposed class of investors in a suit alleging Jack Dorsey's fintech company Block Inc. created a "haven for criminal and illicit activities" on its Cash App and Square payment platforms despite touting its anti-money laundering protocols.
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May 01, 2025
SEC Drops Case Against Crypto Promoter Ian Balina
The U.S. Securities and Exchange Commission moved Thursday to drop its suit over cryptocurrency influencer Ian Balina's alleged promotion of so-called SPRK tokens, about a month after Balina's attorneys said the federal regulator planned to walk away from the case.
Expert Analysis
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Why Acquirers Should Reevaluate Federal Contract Risk
Long thought of as a stable investment, the scale with which the Trump administration is attempting to eliminate federal contracts is unprecedented, and acquirer considerations should include the size and scope of all active and pending government contracts of target companies, say attorneys at Winston & Strawn.
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Navigating The Uncertain Future Of The Superfund PFAS Rule
The D.C. Circuit's recent grant of a pause in litigation while the U.S. Environmental Protection Agency reviews the Biden-era designation of two per- and polyfluoroalkyl substances as "hazardous" under the Superfund law creates new uncertainty for companies — but more lawsuits are likely as long as the rule remains in effect, say attorneys at Alston & Bird.
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Opinion
SEC Defense Bar Should Pursue Sanctions Flexibility Now
The U.S. Securities and Exchange Commission defense bar has an opening under the new administration to propose flexible, tailored sanctions that can substantially remediate misconduct and prevent future wrongdoing instead of onerous penalties, which could set sanctions precedent for years to come, says Josh Hess at BCLP.
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What To Know About Insurance Coverage For Greenwashing
As the number of public and private lawsuits relating to greenwashing dramatically grows, risk managers of companies making environmental claims should look to several types of insurance for coverage in the event of a suit, say attorneys at Hunton.
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7 Tips For Associates To Thrive In Hybrid Work Environments
Excerpt from Practical Guidance
As the vast majority of law firms have embraced some type of hybrid work policy, associates should consider a few strategies to get the most out of both their in-person and remote workdays, says James Argionis at Cozen O’Connor.
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Series
Playing Beach Volleyball Makes Me A Better Lawyer
My commitment to beach volleyball has become integral to my performance as an attorney, with the sport continually reminding me that teamwork, perseverance, professionalism and stress management are essential to both undertakings, says Amy Drushal at Trenam.
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Considering The Future Of AI Regulation On Health Sector
As Texas looks to become the next state to pass a comprehensive law regulating artificial intelligence, the healthcare industry should consider how AI regulation will continue to evolve in the U.S. and how industry members can keep up with compliance considerations, say attorneys at Kirkland & Ellis.
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30 Years Later: How PSLRA Has Improved Securities Litigation
In the 30 years since the Private Securities Litigation Reform Act's passage, the statute has achieved its purpose of shifting securities class actions to investors most capable of monitoring the litigation, selecting competent counsel at competitive rates and maximizing recoveries for the investor classes they represent, say attorneys at Bernstein Litowitz.
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How Banks Can Prepare For NYDFS Overdraft Overhaul
The New York State Department of Financial Services' recent proposal to amend overdraft rules for financial institutions underscores states' potential to create consumer protection mechanisms in the absence of meaningful federal action, say attorneys at Steptoe.
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Terraform Case May Be Bellwether For Crypto Enforcement
The prosecution of crypto company Terraform Labs and its CEO, Do Kwon, offers a unique test of the line between lawful and unlawful conduct in digital transactions, and the Trump administration’s posture toward the case will provide clues about its cryptocurrency enforcement agenda in the years to come, say attorneys at Brooks Pierce.
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Contractor Liability When Directing Subcontractor Workforce
A recent Virginia Court of Appeals decision that rejected a subcontractor employee’s tortious interference claim should prompt prime contractors to consider how to mitigate liability risk associated with directing a subcontractor to remove its employee from a federal project, say attorneys at Venable.
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What's Next For Russia Sanctions After Task Force Disbanded
Attorney General Pam Bondi’s recent disbanding of Task Force KleptoCapture, which was initially aimed at seizing Russian oligarchs’ funds and assets, is unlikely to mean the end of Russia sanctions enforcement and other economic countermeasures, as the architecture for criminal enforcement remains in place, say attorneys at BakerHostetler.
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Texas Banking Dept. Memo Demystifies Crypto Classifications
A recent memorandum from the Texas Department of Banking provides clarity with respect to the classification of both stablecoins and nonstablecoin virtual currencies under the state's Money Services Modernization Act, flagging for firms that stablecoins may be scrutinized more closely as money transmission, say attorneys at Lowenstein Sandler.
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How Law Firms Can Counteract The Loneliness Epidemic
The legal industry is facing an urgent epidemic of loneliness, affecting lawyer well-being, productivity, retention and profitability, and law firm leaders should take concrete steps to encourage the development of genuine workplace connections, says Michelle Gomez at Littler and Gwen Mellor Romans at Herald Talent.
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What Remedies Under New Admin's SEC Could Look Like
The U.S. Securities and Exchange Commission is likely to substantially narrow the remedies it pursues over the next few years, driven by the mounting challenges it faces in court, as well as the views of its incoming chair and fellow Republican commissioners on injunctions, penalties and disgorgement, say attorneys at Milbank.